Strategy PP Variable xStock (STRCX) is 449.9× the size of Fabrinet (Ondo Tokenized) (FNON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.05 across 35 shared trading days). FNON has been the more volatile of the two, at 83% annualised against STRCX's 51%.
$334.3700
$109.0500
FNONSTRCX
-0.05over 35 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | FNON | STRCX |
|---|---|---|
| Max drawdown (400d) | -34.8% | -7.5% |
| Risk-adjusted return (90d) | -0.12 | 0.16 |
Relative strength over 90 days: STRCX outperformed FNON by 30.6% — measured on the FNON/STRCX ratio, so it holds regardless of market direction.